CEO of YMCA Metro Chicago resigns

(Crain's) - Stephen Cole, CEO of the YMCA of Metropolitan Chicago, told the board of directors Wednesday that he plans to retire after eight years.

Mr. Cole, 59, who was named CEO in 2001, also notified his staff about his retirement plans in a letter, saying he will stay until a successor is named. He also stated, "it is time for someone else to take us to the next level."

During his eight-year tenure, Mr. Cole took the agency through a major turnaround. He brought the Metro Y into the black in 2005 by reducing staff, handing off money-losing programs and selling properties with large deferred maintenance and declining memberships.

"My decision, made with pride, is that we have completed much more than I had hoped when I began almost eight years ago," he wrote. "I leave with great leaders and friends in place throughout the organization, a fortress balance sheet, and a very bright future."

Mr. Cole, who oversaw an operating budget of more than $80 million, reshaped the Metro Y by cutting the agency's budget and staff by 20%.

He also unloaded several properties including the Duncan, Greater Roseland, New City and Washington Park YMCAs in Chicago.

Prior to joining the Y, he served for 15 years as president and CEO of Cash Station, Inc., which he sold for a reported $75 million in August 2000.

He worked at the First National Bank of Chicago for 14 years in a variety of management positions.

Mr. Cole, who served on the Metro Y's board for 8 years before becoming CEO, has closely collaborated with several local social services organizations.

Faced with declining government funding and growing demand for services, nine of Chicago's largest charities last year began merging their back-office functions to cut costs.

The YMCA and YWCA, Kids Hope United, Metropolitan Family Services and others were aiming to save up to $20 million annually within five years by creating an entity that will handle all their administrative functions, from human resources to accounting.

The Back Office Cooperative was an initiative of the Chicago Alliance for Collaborative Effort (CACE), an umbrella federation of more than 20 service organizations in Chicago.

This year, Mr. Cole also opened a new facility in West Humboldt Park and two new child care centers in West Garfield Park and Auburn Gresham.

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